Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
World Trade Center Corporation

Financial Audit For the Period
July 1, 1995, through June 30, 1999

 

Public Release Date: October 6, 1999 No. 99-56

Background

The World Trade Center Corporation was dissolved on July 1, 1999. The World Trade Center Corporation promoted and marketed the Minnesota World Trade Center and conducted public relation activities for the international business community on behalf of the state. In the 1999 legislative session, all of the powers and obligations of the World Trade Center Corporation were transferred to the Department of Trade and Economic Development.

The World Trade Center Corporation was established pursuant to Minn. Stat. Chapter 44A. A 12-member board of directors governed the corporation. The former president and managing director of the World Trade Center Corporation was Mr. Noor Doja, who was employed by the Department of Trade and Economic Development as the deputy commissioner of the Minnesota Trade Office.

Our audit scope included a review of selected revenues and expenditures for the period July 1, 1995, through June 30, 1999. We reviewed revenues collected for the use of the conference center, memberships, and education seminar fees. In addition, we reviewed salaries and benefits, purchased services, rent, and equipment. We also examined the transactions for the Trade Development Grant.

Conclusions

Our audit found that the World Trade Center Corporation, with accounting services provided by the Department of Trade and Economic Development, properly accounted for its revenues and expenditures. The corporation's revenues and expenditures were properly authorized and consistent with its purpose. For the items tested, expenditures were in compliance with applicable laws and regulations.

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155